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18-14-303. Provisions for management and operation of time-share estate plans.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-14-303. Provisions for management and operation of time-share estate plans.
The time-share instruments for a time-share estate plan offered in this state shall prescribe reasonable arrangements for management and operation of the time-share plan or time-share property and for the maintenance, repair, and furnishing of accommodations including:
(1) Establishment of an association of time-share estate owners;
(2) Adoption of bylaws for organizing and operating the association;
(3) Payment of costs and expenses of operating the time-share plan or time-share property and owning and maintaining the accommodations;
(4) Employment and termination of employment of the managing agent for the association;
(5) Preparation and dissemination to owners of information concerning the time-share plan or property, including:
(A) An annual budget;
(B) Operating statements; and
(C) Other financial information;
(6) Procedures for establishing the rights of owners for the use of accommodations by prearrangement or under a first-reserved, first-served system;
(7) Adoption of standards and rules of conduct for the use and occupancy of accommodations by owners;
(8) Collection of assessments from owners to defray the expenses of management of the time-share plan or time-share property and maintenance of the accommodation and amenities of the time-share plan or time-share property;
(9) Comprehensive general liability insurance for death, bodily injury, and property damage arising out of, or in connection with, the use of the accommodations by owners, their guests, and other users;
(10) Methods for providing compensating use periods or monetary compensation to an owner if an accommodation cannot be made available for the period to which the owner is entitled by schedu
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-14-303
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:18-14-303
Source file: gov.ar.code.title.18.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 5df9f39dfd0243304bef07136a9348be4181bcc4d91f0262ae40acb608e74802
Source location: content.xml paragraph 2756
Stored source content
18-14-303. Provisions for management and operation of time-share estate plans.
The time-share instruments for a time-share estate plan offered in this state shall prescribe reasonable arrangements for management and operation of the time-share plan or time-share property and for the maintenance, repair, and furnishing of accommodations including:
(1) Establishment of an association of time-share estate owners;
(2) Adoption of bylaws for organizing and operating the association;
(3) Payment of costs and expenses of operating the time-share plan or time-share property and owning and maintaining the accommodations;
(4) Employment and termination of employment of the managing agent for the association;
(5) Preparation and dissemination to owners of information concerning the time-share plan or property, including:
(A) An annual budget;
(B) Operating statements; and
(C) Other financial information;
(6) Procedures for establishing the rights of owners for the use of accommodations by prearrangement or under a first-reserved, first-served system;
(7) Adoption of standards and rules of conduct for the use and occupancy of accommodations by owners;
(8) Collection of assessments from owners to defray the expenses of management of the time-share plan or time-share property and maintenance of the accommodation and amenities of the time-share plan or time-share property;
(9) Comprehensive general liability insurance for death, bodily injury, and property damage arising out of, or in connection with, the use of the accommodations by owners, their guests, and other users;
(10) Methods for providing compensating use periods or monetary compensation to an owner if an accommodation cannot be made available for the period to which the owner is entitled by schedule or by confirmed reservation; and
(11)(A) Procedures for imposing a monetary penalty or suspension of an owner's rights and privileges in the time-share plan for failure of the owner to comply with the time-share instruments or the rules of the association concerning the use of the accommodations and amenities.
(B) Under these procedures an owner shall be given notice and the opportunity to refute or explain the charges against him or her in person or in writing to the governing body of the association before a decision to impose discipline is rendered.
(C) A monetary penalty may be secured by the lien in § 18-14-302.
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Arkansas Code — all titles (historical 2020) · legal_authorities
18-14-302. Contents of instruments establishing time-share estates.
A project and time-share instrument that establishes a time-share estate located or offered in this state shall contain:
(1) The name of the county in which the property is situated;
(2) The legal description, street address, or other description sufficient to identify the property;
(3) Identification of time periods by letter, name, number, or combination thereof;
(4) Identification of time-share estates and, when applicable, the method by which additional time-share estates may be established;
(5) The formula, fraction, or percentage of the common expenses and any voting rights assigned to each time-share estate and, when applicable, to each accommodation in a project that is not subject to the time-share plan;
(6) Restrictions on the use, occupancy, alteration, or alienation of time-share interests;
(7) The ownership interest, if any, in personal property and for care and replacement;
(8) Any other matters the developer considers appropriate; and
(9)(A) Provisions concerning the establishment of a lien against an owner's time-share interest in favor of the association of time-share estate owners to secure payment of common expenses.
(B) This lien when provided for in the time-share instrument is enforceable and foreclosable in the way other statutory liens are enforceable and foreclosable under the laws of this state.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-14-302
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 18-14-302. This identifies an authority to review, not proof of applicability.